Question: QUESTION ONE (a) i) Explain the term opportunity cost. (4 Marks) ii) Illustrate with examples the practical importance of this concept with reference to the

QUESTION ONE (a) i) Explain the term opportunity cost. (4 Marks)

ii) Illustrate with examples the practical importance of this concept with reference to the individual, the firm and the state (6 Marks)

(b) Define the following with examples,

i. Economics

ii. microeconomics

iii. macroeconomics [6 marks]

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